If you were making $44k to $48k a year, can a person afford a $36k car comfortably?

I make like 40K a year and I passed on 2012 Nissan Maxima

I went with a 2011 Camry SE instead

Could have afforded the Maxima but I wouldn’t have been living comfortably

The Camry was $4,000 cheaper and the note/insurance was lower

Maxima 26K Camry 22K

Get a cheap tight car
 
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FDUB said:
Well, I am currently working, but it's obviously just a stepping stone job. I do live at home for now. I am 26 years old and I just graduated from college 2 weeks ago.. I currently have a 2007 Impala LT that I had since, 2010. I just paid it off back in march.. All my payments were on time... I never had a ticket, so my insurance is $117 a month. I don't plan on getting it right away, but I really don't want the hassle getting a used car.. Could trading it in and putting an additional down payment help lower the cost as well as negotiating? My next goal is to get my credit union to finance it..
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Well I was in a similar situation a while back...

At one point, I was making about $40,000/yr... Went out and financed on a $30k truck...

Things were a little tight for a few months until I got a pay raise to make things easy... and then even easier when I got more pay raises...

What I managed to do with the financing was pay the exact same payment that I started with each month of my term, and I encourage you to do the same if you can... (The payments that I made were a little over $500/month)

All of this while I was living at home with my parents (I had put myself on the housing market whilst living there)

So even your montly payments go down, your still putting money on principle and ultimately building your credit in the process... Then when you decide to sell, you should be in the positive...

And take into account hte fact that your insurance will more than likely increase...

I'm not knocking you for living at home, but the time will come when you'll either be forced out of living at home or you'll get fed up, and you have to account for that as well as the rest of your future in regards to your finances...

As for me now, I got out of having car payments while I was ahead and have 2 cars and no car payments and a much higher credit score. I recommend you think this whole thing through as best as you can before you decide to jump out on such a car note...
 
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stevielips said:
If you have to ask this question on a message board, then no, you can't afford it.

Like said, drive that impala until it DIES and BANK as much money as you can. If you stay home for another year while working, you might have upwards in 20k saved up in a year.

Then this time next year we can be talking about the house you just bought rather than the car you bought thats gonna keep you in your parents house.
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I want to make another username to rep this post some more.
 
I wouldn't.  I would much rather spend half that and get a 2008 version, so that I could have extra money to save or spend on entertainment.  Plus you gotta look at your other expenses.  It all depends on what city you are in and your cost of living.  No hate, but in most major cities $48k is a good living if you manage it right.  
 
I'm in a somewhat similar situation. I'm turning 24 this year, I've been driving my 99 Accord since I was 16, and I just landed a 48K salary. It's on its last legs with about 250K miles on it. I kept it clean though. Also helps that I handled the regular mainentance in a timely manner so it's lasted me. Anyway, I was actually just shooting for the new Accord. I have no idea what I'm doing as far as buying a new car. I thought it was a good look before coming into this thread. Now I'm coming to my senses.

Now, my question is, what are my choices now being that my initial choice is probably too expensive? I don't mind buying a used car, but I wouldn't wanna go too old.
 
^ similar situation also. Looking at 2010-2011 accords. Can't really go wrong with a low mileage 17 thousand dollar car. No where near 36 thou and leaves lots of money to save.
 
onlyXVbutHAVEallXIX said:
I'm in a somewhat similar situation. I'm turning 24 this year, I've been driving my 99 Accord since I was 16, and I just landed a 48K salary. It's on its last legs with about 250K miles on it. I kept it clean though. Also helps that I handled the regular mainentance in a timely manner so it's lasted me. Anyway, I was actually just shooting for the new Accord. I have no idea what I'm doing as far as buying a new car. I thought it was a good look before coming into this thread. Now I'm coming to my senses.

Now, my question is, what are my choices now being that my initial choice is probably too expensive? I don't mind buying a used car, but I wouldn't wanna go too old.
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Man buy a nice used Camry.

I've walked in the exact shoes you and OP did and made the same money

DON'T BE A SLAVE TO CAR PAYMENTS!!!!
 
onlyXVbutHAVEallXIX said:
I'm in a somewhat similar situation. I'm turning 24 this year, I've been driving my 99 Accord since I was 16, and I just landed a 48K salary. It's on its last legs with about 250K miles on it. I kept it clean though. Also helps that I handled the regular mainentance in a timely manner so it's lasted me. Anyway, I was actually just shooting for the new Accord. I have no idea what I'm doing as far as buying a new car. I thought it was a good look before coming into this thread. Now I'm coming to my senses.

Now, my question is, what are my choices now being that my initial choice is probably too expensive? I don't mind buying a used car, but I wouldn't wanna go too old.
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You can still afford a new car. I'm in basically the same boat as you. 25 years old, first job paying $48k, been driving a 1999 Camry forever, etc. I'm leasing a 2013 Civic LX on Saturday. I won't be driving much and I don't feel like dealing with the upkeep of owning a car. I have a mortgage and student loans on top of the usual expenses. It's still well within my budget.

I'd look at a Civic LX or Mazda3. Both cheaper than the Accord and probably offer you what you need in a car.
 
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Work your job for a year and at least have 10,000 set aside for the car by the time you've been into your career for a year you'll have some sort of job stability, money in the bank and they'll be a new model charger out. You don't wanna live paycheck to paycheck
 
FDUB said:
Well, I'm looking for a job in my field of study and the jobs starting salaries are between $44k to $48k a year, so I am wondering can that be able to afford a $36k car? I plan on getting a brand new Dodge charger R/T max in a year or two, so I'm just curious. Thanks in advance..
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Why not keep your current car and lease it? lower payments and possibly no down payment depending on ur credit situation. Honestly buying a car any way other than cash isn't really the best move. The value decreases so much off the lot, and when you're doing a 60mos+ financing on it, what you pay is even more ridiculous. I'd keep the car you have, get a little 36month lease or less, and pay for the luxury of driving the car u want, it'll be way less than monthly payments on a car that you're purchasing and you still get to drive it.
 
I kept my 2002 Maxima as long as possible

I got a check engine light and the repairs were $2500+

Only reason why I got a new car

I would keep that car as long as possible

Then again it is a good time to buy a car since the economy is bad

I got $5000 trade in for my 2002 Maxima and bought a 2011 Camry SE

http://niketalk.com/content/type/61/id/430859/width/500/height/1000
[GALLERY="media, 433978"][/GALLERY]
 
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Depends on your situation, I know people that make less with r/ts. But for you know, don't make decisions on predicted income, wait till life settles with that check and figure out what you can handle.
 
kdawg said:
bigtomgetsgwap said:
My rule of thumb is only spend half your salary on your car
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Half?
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BLADE BR0WN said:
Well I was in a similar situation a while back...

At one point, I was making about $40,000/yr... Went out and financed on a $30k truck...

Things were a little tight for a few months until I got a pay raise to make things easy... and then even easier when I got more pay raises...

What I managed to do with the financing was pay the exact same payment that I started with each month of my term, and I encourage you to do the same if you can... (The payments that I made were a little over $500/month)

All of this while I was living at home with my parents (I had put myself on the housing market whilst living there)

So even your montly payments go down, your still putting money on principle and ultimately building your credit in the process... Then when you decide to sell, you should be in the positive...

And take into account hte fact that your insurance will more than likely increase...

I'm not knocking you for living at home, but the time will come when you'll either be forced out of living at home or you'll get fed up, and you have to account for that as well as the rest of your future in regards to your finances...

As for me now, I got out of having car payments while I was ahead and have 2 cars and no car payments and a much higher credit score. I recommend you think this whole thing through as best as you can before you decide to jump out on such a car note...
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It is tough though because I really want the R/T max Charger, but it all boils down to my other finances. I am sure I can get the car (If I choose to get it brand new) under 36k, but that is all if I choose to trade my car in as well as drop a huge down payment on top of the trade in value..
 
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